Event: according to the company's semi-annual report for 2022, the operating income of 2022H1 was 430 million yuan, an increase of 131.17% over the same period last year, the net profit of returning mother was 31 million yuan, up 87.51% over the same period last year, and the net profit of non-return was 25 million yuan, an increase of 1715.59% over the same period last year.
The net profit of revenue has increased, and the ability of expense management has been enhanced. The company achieved an income of 430 million yuan in the first half of the year, and the product intelligent warehousing and logistics automation system was delivered in new energy, agriculture and animal husbandry, cross-border e-commerce, medicine, tobacco, aerospace and other industries. As the new energy, agriculture and other areas of intelligent storage equipment market competition is relatively sufficient, the company's overall profitability is affected to a certain extent, 2022H1 gross profit margin of 25.07%, down 7.20pct year-on-year.
In the first half of the year, the company continued to promote fine management and internal cost reduction and efficiency, sales expense rate and management expense rate decreased 6.83pct and 7.65pct compared with the same period last year. The company continues to promote the research and development of new technologies and new products, with R & D expenditure of 41 million yuan in the first half of the year, an increase of 57.38% over the same period last year, and the R & D expenditure rate is 9.48%.
Focus on expanding the top customers in various industries, and the total number of orders on hand increased. Relying on comprehensive coverage and expertise in the product chain, continuous R & D innovation and rich project implementation experience and other advantages, the company focuses on expanding the head customers of various industries. After continuous accumulation, the company has entered the harvest period in recent years, and newly signed orders continue to reach new highs. The new order amount of 2022H1 Company is 631 million yuan, of which 470 million yuan has been signed and 161 million yuan has not been signed yet. As of June 30, 2022, the company's unrecognized revenue-on-hand order is 1.028 billion yuan (statistics of more than 100000 yuan contract amount, excluding after-sales service), of which 852 million yuan has been signed and 176 million yuan has not been signed.
Downstream customers cover a wide range of areas, new energy and aerospace areas continue to make breakthroughs. The company focuses on the high-end market and head customers, and the downstream application fields cover a number of industries, highlighting the characteristics of the company's business expansion from "subdivision" to "comprehensive". In the first half of 2022, the company continued to obtain orders in aerospace, communications equipment, new energy, construction machinery, food, e-commerce, medicine, tobacco and other industries, and customer viscosity remained high. In the field of new energy, the company launched special stacker equipment for the first time. In addition, the company made a major breakthrough in orders in the aerospace industry, signing contracts and winning bids totaling 154 million yuan in the first half of the year.
Profit forecast, valuation and rating: the company is deeply engaged in the intelligent logistics industry, focusing on expanding the business of intelligent logistics warehousing automation system, and the number of orders is gradually increasing. With the promotion of research and development and the improvement of product competitiveness, superimposing the increasing demand for intelligent logistics equipment in various application fields, we maintain the company's 2022-2024 net profit forecast of 1.27,1.70,223 million yuan, corresponding to EPS 1.74,2.35,3.08 yuan, corresponding to PE 21x, 16x, 12x, maintain the "buy" rating.
Risk tips: macro environmental risk; unsustainable risk of customer orders; bad debt risk of accounts receivable and contract assets; stock price fluctuation risk of secondary new shares.